OKX Review 2024: Is OKX The Best Crypto Exchange?

OKX, previously known as OKEX, is a Seychelles-based cryptocurrency exchange founded in 2017 that has been serving millions of users in over 100 countries. OKX holds the 4th position in trading volume, per our exhaustive research and detailed OKX review. Besides trading popular cryptocurrencies, OKX Exchange offers spot, futures, and derivatives trading.

Key Takeaways

• OKX is a regulated and trusted crypto exchange.
• It ranks among the top 20 exchanges and supports numerous coins.
• The platform offers high-yield staking opportunities.

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Our Take On OKX Crypto Exchange

OKX Crypto Exchange stands out for its user-friendly interface, extensive range of supported cryptocurrencies, and robust security measures. With competitive fees and advanced trading features, it caters to both beginners and seasoned traders. Our review highlights OKX’s commitment to innovation and reliability, making it a preferred choice for cryptocurrency enthusiasts.

OKX Exchange – Pros & Cons

OKX Key Features and Services 

The OKX exchange platform offers innovative features, establishing it as one of the leading cryptocurrency exchanges globally.

1.  Latest Features

a. 5 Trusted Ordinal Wallets to Store Your Digital Artifacts

Ordinals Wallet – Bitcoin wallets that address the limitations of other wallets, allowing users to view, store, and hold ordinals directly and inscribe, buy, sell, transfer, and send ordinals within the wallet ecosystem.

Xverse Wallet – Bitcoin Web3 wallets whose primary focus involves building advanced Bitcoin wallets that offer excellent support for ordinals.

Hiro Wallet – Bitcoin Web3 wallets allow users to safely send, receive, and store Bitcoin and quickly create Ordinal NFT inscriptions.

MetaMask Wallet – MetaMask linked with Generative XYZ requires signatures to validate ordinals. Trezor and Ledger are the most popular wallets that allow a secure and easy way to store ordinals.

OKX Crypto Wallet – OKX crypto trading exchange seamlessly integrates with Bitcoin taproot, allowing users to transfer and view ordinals within OKX wallets effortlessly.

  b. Self-Trade Prevention

Self-trade refers to a situation where users and their sub-accounts accidentally match their orders, and the users become both the seller and buyer in the trade. According to this OKX review, the self-trade prevention (STP) feature on the OKX exchange is developed to strengthen traders by preventing unintentional self-trades and offering them several benefits to enhance their trading experience.

Through the STP feature offered by the OKX trading platform, traders can maximize their trading efficiencies, protect their interests, and preserve market data integrity, creating a more transparent environment and benefiting every market participant.

c. Trading Bots Marketplace 2.0

This OKX exchange review also dug deep into the trading bots marketplace 2.0, a notable upgrade of the existing bot marketplace, offering enhanced benefits and exciting features to revolutionize how bot traders and creators interact and grab market opportunities.

The new trading bots marketplace introduces a groundbreaking profit-sharing feature for bot creators, enhanced exposure and visibility to make it easy to attract copiers by showcasing trading skills, and improved performance review by analyzing trading performances. Multiple crypto exchange platforms have initiated the same features for newbie traders.

  d. OKX Snowball: New Opportunity to Gain Risk-Adjusted Rewards

OKX Snowball has been recently added to the OKX crypto exchange that rewards cryptocurrency traders who are interested in giving crypto trading a try but also want to be rewarded for the risks involved in crypto trading. Through the OKX Snowball, a structured product based on rewards, traders can get up to 60% APR rewards if certain conditions are fulfilled.

Traders can get exposed to certain crypto without witnessing full volatility linked with crypto trading. With this OKX trading platform’s snowball product, users can enjoy appealing features such as satisfying rewards, added liquidity, and partial downside protection.

2.  Advanced Features

a. OKX NFT Marketplace

OKX introduces its presence in the NFT space by starting its decentralized NFT marketplace where traders can not just trade but create NFTs across platforms and diverse blockchains.

OKX NFT allows its traders to access the following:

Trending collections: A series of NFTs that have garnered the highest trading volume in USD over a time period.

Recent Rockets: NFT collections established with the highest floor price in a time frame.

Popular NFTs: NFTs selected from the highest trading figures.

Traders can browse NFT collections by category or explore the vast OKX NFT Marketplace as they see fit. Traders are presented with trading opportunities and tools. OKX NFT Launchpad pushes quality NFT projects to the marketplace while the secondary market shares information on the rarity of ranks and allows bulk buying of NFTs.

b. Algo-order Options

Various types of orders available in the market help investors place a trade at a predefined trade volume and price. Algo orders are such special orders that are highly vital for active day traders. Unlike most other crypto exchanges, OKX allows its registered users to trade cryptocurrencies with different types of orders, such as:

• Limit market order
• Stop-limit order
• Advanced limit order
• Iceberg
• Trailing top order
• TWAP or Time-weighted average price orders

3.  Must Features

•   The easy-to-use interface allows beginners and more experienced traders to trade crypto on the platform.
• Offers a vast selection of digital assets – more than 140 digital tokens and over 400 BTC and USDT pairs.
• The OKX trading platform offers a user-friendly mobile application that can be easily downloaded from the Apple Store or Google Play.
•  Offers a wide range of crypto trading solutions like spot trading, margin trading, DEX trading, futures, options, perpetual swaps, and quick trade (one-stop marketplace).
•  Low fees structured on market taker and maker model.
•  Zero deposit fees and also low withdrawal fees.
• Robust security measures.
• Excellent 24/7 customer service. 

Security and Regulation

Core features of OKX security protocol

 ⦁ Each cold wallet address can store no more than 1,000 BTC.

 ⦁ Platform’s private keys never interact with the internet or USBs.

 ⦁ Private key backups are stored in secure bank vaults.

 ⦁ Access to decryption passwords and key backups is divided among four authorized employees.

 ⦁ Any cold wallet is no longer used for deposits after the first withdrawal occurs.

 ⦁ Employees who have access to passwords and backups live in different locations.

 ⦁ Private keys are moved online only once and never used again afterward.

Trading Platform and Tools: Experience

OKX is available on both desktop and mobile, making it easy to use the OKX Exchange anywhere. The app has a clean, user-friendly design with easy-to-find menus and icons, so you can navigate it without any hassle.

Account Types

Here are the different account types available on the OKX Exchange:

• Spot Account
• Futures Account
• Margin Account
• Savings Account
• Options Account
• Perpetual Swap Account
• Sub-Accounts
• Unified Account
• OTC (Over-the-Counter) Account

OKX Account Registration Process

Registration on the OKX trading platform is not a menace and is completed within a few minutes. Here is a step-by-step guide to the OKX login process and how to register and begin trading on the OKX platform.

Step:1 Creating Account

To sign up for an OKX account, visit their website, click “Sign Up,” and fill in required fields like email and password. A 6-digit PIN will be sent to verify. No KYC is needed initially, but withdrawals over 100 BTC may require KYC submission. 

Step: 2 Deposit Funds

After verifying their OKX account with a 6-digit PIN, users must fund it. OKX accepts multiple cryptocurrencies for deposits, chosen via the “Assets’ ‘ tab. Users select “deposit” and choose their desired cryptocurrency. They can only transfer the selected cryptocurrency to the provided wallet address. Copying the address to their digital wallet and transferring the coins completes this step. The minimum funding amount for trading is 10 USDT or equivalent. 

Step 3: Start Trading

OKX facilitates crypto-to-crypto and fiat-to-crypto trading. For crypto-to-crypto, traders can start directly after funding their OKX accounts. Trading options include spot, margin, futures, options, DEXs, or perpetual swaps. For fiat-to-crypto, users click “Quick Trade” to buy crypto with fiat. They set conditions—buy or sell, choose supported fiat, and specify the amount of crypto. OKX offers the best prices from third-party services on a separate page.

Exchange Commission And Fees

With low exchange fees, OKX charges the following fees from traders registered on crypto trading platform.

Deposit and Withdrawal Fees

There are no fees charged on deposits from the traders, but there is a small withdrawal fee charged from traders, but that is also very low as compared to what other exchanges charge from their registered traders; 0.0005 BTC in the case of Bitcoin Cash, 0.01 in case of Ethereum, and 0.15 in case of Ripple. These are sometimes called work fees, as they are determined by the blockchain load of each of the customer assets on the exchange.

Trading Fees

OKX is one of the world’s top crypto spots and derivatives exchanges, and therefore, the trading fee structure is slightly different from other crypto exchanges. OKX’s trading fee structure depends on whether a trader is a maker or a taker. However, most cryptocurrency traders are market takers rather than market makers because of the many securities needed to validate a trader as a market maker.

The fees for market takers charged by OKX can be reduced to 0.06% and 0.09%, respectively, if the traders hold over 2,000 OKB tokens within the OKX wallet.

The maker fee and taker fee for futures trading and other perpetual markets begin at 0.02% and 0.05%, respectively, which can also be reduced depending on the OKB tokens held in the trading account. Thus, OKX exchange fees are more competitive. High net-worth advanced traders with a high trading volume during a 30-day period can also avail of additional rebates and trading fee discounts.

Margin Fees

OKX offers margin trading, which means the platform allows registered traders to borrow funds from cryptocurrency exchanges. It is a tool that will enable traders to open a position with more capital than what was initially deposited. OKX provides a margin trading ratio (or leverage ratio) of 10:1, 20:1, and 100:1 when traders choose to buy crypto tokens through perpetual swap contracts.

Therefore, the platform charges fixed interest rates on any position held overnight. OKX charges margin interest rates whenever tokens are borrowed. To know full fee details of the OKX cryptocurrency exchange, click here. 

OKX Payment Methods

The following payment methods are available to traders registered on the OKX exchange.

OKX Deposits

Though OKX supports trading with both fiat and digital currencies, it allows only cryptocurrencies to deposit funds into a trader’s account; no OKX fiat deposit is allowed on the platform. Traders can purchase cryptocurrencies on the OKX website with a credit or debit card or transfer cryptocurrencies from other exchanges or any best crypto wallet (or hardware wallet).

Once their accounts are funded, they can directly begin trading on the OKX trading platform. When buying cryptocurrencies, traders can use multiple payment methods like bank account transfer, debit card, credit card, Google Pay, Apple Pay, IMPs, or PayPal. After creating an account, new users can fund their wallets and begin trading cryptocurrencies.

OKX Withdrawals

Traders can withdraw their preferred cryptocurrencies from the OKX crypto exchange with a small withdrawal fee of 0.0005 BTC in the case of Bitcoin, 0.01 in the case of Ethereum, and 0.15 in the case of Ripple. 

Cryptocurrencies Available on OKX

OKX offers an extensive array of cryptocurrencies for trading, encompassing over 300 tokens and 500 trading pairs, including popular options such as Bitcoin and Ethereum. For a comprehensive list, visit their website.

OKX Restricted Countries

OKX is available to more than 100 countries with the following exceptions – United States, Belgium, Cuba, France, Iran, Japan, North Korea, Crimea, Malaysia, Syria, the Bahamas, Canada, the Netherlands, Ireland, Bangladesh, Bolivia, Donetsk, Luhansk and Malta.

Customer Support

Customers can contact OKX exchange through multiple channels for support. Live chat is available 24/7 for immediate assistance. Email support can be reached at [email protected] for detailed queries. Phone support offers direct communication for urgent issues. Additionally, OKX is active on social media platforms like Twitter and Facebook. Response times are prompt, and multi-lingual support ensures assistance in various languages. For comprehensive support options, visit the OKX contact page and help center.

Research and Educational Resources

OKX empowers users with a comprehensive suite of research and educational resources. They offer advanced charting tools for technical analysis, including various indicators and drawing functions. For beginners, a library of help guides and articles demystifies crypto concepts and platform functionalities. The OKX blog features insightful market analysis, industry news, and educational content to guide informed trading decisions.

OKX Review: Our Conclusion 

The OKX crypto exchange is one of the best crypto trading platforms in the market that caters to the needs of both beginners and professional traders.KX crypto platform is one of the best reliable crypto trading apps in the market that caters to the needs of both beginners and professional traders. This OKX review points out that the competitive fee structure at OKX is a plus point for crypto traders. Also, the security offered by the OKX trading platform is high-end protection, to handle any breaches or malware attacks. Overall Customer support is ranked on top in the crypto market with proper assistance. OKX trading platforms continuously work to provide better user experience and advanced features to simplify crypto trading, for the same OKX recently made an A-round investment in Polyhedra Network which focuses on privacy, interoperability, and upgradeability.

FAQs

Is OKX a Good Exchange?

Yes, OKX previously known as Okex, is an excellent platform for all types of trading experience, including spot, derivatives, futures contracts, trade options, and so on.

Does OKX Require KYC?

Yes, to utilize your account, users must undergo identity verification to satisfy Know Your Customer (KYC) regulations. OKX mandates this procedure to uphold the security of user accounts and assets. This verification process is implemented to guarantee the safety of the exchange platform and to deter fraud and illicit activities.

Can US Citizens Use OKX?

No, US customers cannot use OKX due to strict regulations beyond the exchange’s control. Although the OKX platform is available globally except in some countries.

Is OKX Safe and Legit?

Yes, the OKX crypto exchange platform is safe and legitimate to use. Many users have reviewed OKX as the best crypto trading app, thanks to its hot and cold storage implementation based on advanced encryption technology. This secures the platform from hackers and is widely trusted by traders due to its security features, customer service, and positive reviews over the years.

Can I Deposit Fiat on OKX?

Yes, OKX allows users to deposit Fiat currency through their gateway service partners. OKX has partnerships with various gateway service providers for different countries.

How Do I Get My Money Back From OKX?

1) Begin by navigating to the Withdrawal page.
2) Choose the currency you wish to withdraw.
3) Select the specific account from which you intend to withdraw funds.
4) Enter the desired withdrawal amount and proceed to submit your request.

Upon completion, you’ll be presented with details such as any applicable transaction fees, estimated processing time, and the total amount. Please note that wire transfer fees may fluctuate depending on your bank and any intermediary banks involved. Additionally, your withdrawal limits are contingent upon the level of identity verification you have completed.